First, the PC was a tower, then a pizza box, and this time, the process of reincarnation is a little more complex.

This time, the PC is reincarnating a little like the lama in Little Buddha. Rather than being one distinct thing it is coming back as several at once.

Smith said the company’s edge in manufacturing processes will help it negotiate the current “volatility”.

For observers who wonder what the company will make next, Smith kindly provided us with a few clues.

There are three things which are driving the market: more mobile, personalisation, and a lot of it consumer driven, according to Smith.

He thinks that the market will be highly segmented among PCs, tablets, phones and other gear.

For example, he likes the Lenovo “two in one” laptop that features a detachable screen that doubles as a tablet.

Intel’s new Haswell chip architecture, announced in June, will lead to smaller and thinner versions of such “two in one” hybrid machines, according to Smith.

It could help extend the use of the tablet and the phone, which still lack the productive capacity of the laptop in many areas, forcing people to carry a multitude of completely separate devices, he said

Intel will continue to try and mage its dosh from embedded computing and the so called Internet of Things.

Smith said that there is infinite demand for taking things that aren’t smart and making them smarter, and that can add a lot of value.